Chapter 11 - Test Bank

Chapter 11 - Test Bank - Chapter 11 - Accounting for State...

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Unformatted text preview: Chapter 11 - Accounting for State and Local Governments (Part 1) Chapter 11 Accounting for State and Local Governments (Part 1) Multiple Choice Questions 1. Which standard issued by the Governmental Accounting Standards Board in 1999 requires two distinct sets of financial statements for state and local governments? A. GASB Statement No. 32. B. GASB Statement No. 33. C. GASB Statement No. 34. D. GASB Statement No. 35. E. GASB Statement No. 36. 2. Which group of governmental financial statements reports all revenues and all costs of providing services each year? A. GAAP-Based Financial Statements. B. Fund-Based Financial Statements. C. Cost-Based Financial Statements. D. Government-Wide Financial Statements. E. General Fund Financial Statements. 3. Proprietary funds are A. Funds used to account for the activities of a government that are carried out primarily to provide services to citizens. B. Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations. C. Funds used to account for monies held by the government in a trustee capacity. D. Funds used to account for all financial resources except those required to be accounted for in another fund. E. Funds used to account for revenues that have been legally restricted as to expenditure. 11-1 Chapter 11 - Accounting for State and Local Governments (Part 1) 4. Fiduciary funds are A. Funds used to account for the activities of a government that are carried out primarily to provide services to citizens. B. Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations. C. Funds used to account for monies held by the government in a trustee capacity. D. Funds used to account for all financial resources except those required to be accounted for in another fund. E. Funds used to account for revenues that have been legally restricted as to expenditure. 5. Governmental funds are A. Funds used to account for the activities of a government that are carried out primarily to provide services to citizens. B. Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations. C. Funds used to account for monies held by the government in a trustee capacity. D. Funds used to account for all financial resources except those required to be accounted for in another fund. E. Funds used to account for revenues that have been legally restricted as to expenditure. 6. Special Revenue funds are A. Funds used to account for the activities of a government that are carried out primarily to provide services to citizens....
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Chapter 11 - Test Bank - Chapter 11 - Accounting for State...

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